Chinese carriers reported a collective net income of CNY200 million ($32.4 million) in April, down 84% compared to a net profit of CNY1.25 billion year-over-year. Total operating revenue rose 4% to CNY32.7 billion against a 4% increase in operating expenses to CNY29.1 billion. Industry analysts cited yuan depreciation—which was down 2.64% in the first quarter—as the main reason for the sharp profit decline. Passenger boardings climbed 10% to 31.42 million with an average load ...

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